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Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?

Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound. The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery. Technical Analysis By Shayan The Daily Chart Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K. This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges. Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend. The 4-Hour Chart On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels. This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend. If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level. Onchain Analysis By Shayan Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price. However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound. If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction. The post Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip? appeared first on CryptoPotato . CoinTurk News

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XRP Price Surge Possible as Legal Developments May Influence Market Sentiment

XRP has surged following Ripple’s latest court victory in its protracted battle against the SEC, fueling hopes of a significant price increase. The recent bullish trend correlates with the market’s CoinTurk News